东道国的融资环境和政府行为对于国际直接投资的影响

本文提出一个假说———在其他条件相同的情况下,一国吸引FDI的多少与本国企业所受到的投资约束是相关的,这种约束越大,吸收的FDI就越多。本文通过FDI行业集中度的国际比较,揭示出中国FDI行业集中度极其低下这一特殊现象,指出中国之所以能吸收如此大量的FDI,其中一个原因就是,我国企业的投资行为受到了极其严厉的金融约束和政府行为的限制。在这样的背景之下,一部分不具有任何比较优势的外资进入了中国,占领了我国市场。这对于中国经济的进一步发展是极其有害的。     

区域贸易优惠与最惠国待遇关系的冲突与法律协调——兼论我国之应对措施

区域贸易合作与多边贸易体制虽具有互补性,但彼此不能相互替代;区域贸易优惠与多边最惠国待遇实质上存在冲突,但它作为一项特殊例外存续于世贸组织体制之内。世贸组织规则确立了区域贸易优惠的合法性,从而为区域贸易提供了前所未有的发展机遇。分析区域贸易合作与多边贸易体制的关系、区域贸易优惠与世贸组织最惠国待遇的冲突,以及世贸组织规则对两者间关系的协调,有助于了解区域一体化发展进程,及时采取积极的应对措施。     

Monopoly versus Competition in Setting Accounting Standards

Financial accounting standards are set by organizations granted a significant degree of monopoly power by various governments. While there has been considerable debate on the merits of national (e.g., US Financial Accounting Standards Board (FASB)) versus international (International Accounting Standards Board (IASB)) monopolies, little attention has been paid to the merits of using competing standard‐setting organizations (SSOs) for setting accounting standards. We compare the standard‐setting processes of the FASB/IASB to the processes of four technology‐oriented SSOs to assess the role of competition. We also provide a case study of monopoly and competitive standards in telephony. Both telephony and accounting yield some gains from coordination, and similar arguments are used (under the labels of comparability and consistency of accounting) in debates about granting a monopoly to their respective SSOs. Our results show that a group of volunteers competing with the government‐sanctioned monopoly of International Telecommunications Union transformed the telephone industry. Thanks to this standards competition, we enjoy free video internet calling and massive cost savings. Implications for accounting standard setting are discussed.     

深化广西—越南跨国物流协调合作的探讨

中国—东盟自由贸易区成立以来,越南一直是广西第一大贸易伙伴和第一大出口市场。通过深化跨国物流协调合作来提高物流效率,进而增强商品核心竞争力,优化双边外贸活动,是广西和越南共同面对的问题。为了解决桂越跨国物流合作中存在的基础设施建设滞后、交通合作机制未能发挥预期作用、物流发展水平低等问题,当务之急,一方面是进一步完善跨国物流硬件设施,另一方面建立桂越跨国物流协同机制,是规范双方物流合作的"软件"工程。桂越跨国物流协同综合系统的建设及其作用的发挥,有待双方在政治、法律、信息技术、服务业等方面的深化合作。     

和谐社会评价指标体系与评价模型及其应用

根据和谐社会的内涵与特征,选取4个方面18个评价指标组成层次结构指标体系,引入模糊隶属函数对各指标进行无量纲化处理,利用因子分析法确定各级指标权重,构建模糊综合评价模型对我国社会和谐度进行综合评价,并对评价结果进行分析。结果显示,我国社会总和谐度处于一般和较高之间,离全面建设社会主义和谐社会的目标仍有一定的距离。     

Experimental evidence on the ‘insidious’ illiquidity risk

This paper introduces an experiment aiming to investigate the contribution of illiquidity risk to the total risk of a collective investment project. If implemented, the project succeeds with a known probability. Yet the project fails if the quota of investors is not reached in the first place. Hence strategic uncertainty compounds its effect with the “intrinsic risk” of the project. Results confirm the insidious nature of illiquidity: as long as a first collective default does not occur, investors accept high intrinsic risk projects. After a first default, they become extremely prudent and come back to market only gradually. After several defaults, private agents manage to coordinate on a relatively low intrinsic risk above which they refuse to participate in the project. Macroeconomic policy implications follow.     

The transition crisis in Bulgaria

In 1996-97, while making its way through a difficult processof economic and political transformations, Bulgaria was hitby a severe economic crisis. This paper seeks to reveal andanalyse the underlying factors and causes of this crisis. Itfocuses on empirical issues but also highlights some basic causalitiesand interrelations between economic variables during the crisisas well as the role of economic policy. The economic turmoilin Bulgaria is addressed from three different perspectives:(1) the historic roots of the crisis; (2) the actual evolutionof the fiscal, banking and currency crises, and (3) the politicaleconomy of the transition in Bulgaria.     

统筹经济社会协调发展构建和谐社会

经济社会协调发展是现代化社会的必然要求，从国际经验和我国改革开放以来的具体实践看，经济社会发展不协调是当前要解决的主要矛盾，需要我们深化改革，促进经济社会协调发展。     

我国财政政策与货币政策协调配合问题研究

建立科学合理的财政-货币政策协调配合机制,是完善中国宏观经济调控所面临的一项重要任务.本文首先分阶段简要回顺中国财政政策和货币政策协调的历史过程,然后分析两种政策的协调配合存在的问题,认为集中表现为国债市场存在的缺陷以及财政投融资体系小完善这两个方面,最后有针对性地提出改善两种政策协调配合机制的政策建议.     

The fragile capital structure of hedge funds and the limits to arbitrage

During a financial crisis, when investors are most in need of liquidity and accurate prices, hedge funds cut their arbitrage positions and hoard cash. The paper explains this phenomenon. We argue that the fragile nature of the capital structure of hedge funds, combined with low market liquidity, creates a risk of coordination in redemptions among hedge fund investors that severely limits hedge funds' arbitrage capabilities. We present a model of hedge funds' optimal asset allocation in the presence of coordination risk among investors. We show that hedge fund managers behave conservatively and even abstain from participating in the market once coordination risk is factored into their investment decisions. The model suggests a new source of limits to arbitrage.